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The company experienced rapid expansion prior to its collapse, with its loan book reaching approximately £2.4 billion ($3.2 billion) by the end of 2024. Its creditors included major international financial institutions and private equity firms.
In March, courts in London and Dubai imposed a worldwide freezing order on Raja’s assets up to £1.3 billion.
The order requires Raja to disclose assets worth more than £10,000 ($13,000) and limits his personal spending to no more than £5,000 ($6,700) per week without explicit consent from MFS administrators.
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Managerial autonomy supported by senior leadership was also mentioned by respondents.
“VIP operations is the most human function in iGaming, run by the smallest teams, on the least purpose-built technology, against the shortest-horizon metrics,” said Grygorenko.
“The findings show that VIP managers are asking for a clearer signal on who needs attention, what has changed and where their judgment can have the greatest impact.”
How to play Torrente Again
Ultimately, the operator says, the long-term success of an IR depends on “a broader mix of hospitality, entertainment, lifestyle and attraction offerings” rather than gaming alone.
Genting Singapore believes the key for Japan is not to replicate another market entirely, but to create a framework suited to its own circumstances. “Every integrated resort market is different,” the spokesperson says, adding that policymakers need to “maximise the economic benefits of IRs while minimising their potential social costs.”
Macau generated MOP293.3 billion ($36.3 billion) in gross gaming revenue in 2019, equivalent to 65.8% of its GDP. In 2025, GGR stood at approximately $30.9 billion, still accounting for around 59% of GDP.